Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet with bids and asking prices have yet to be established.  It’s likely significant trade volume will likely be delayed until the second half of the week.  The bulk of last week’s business held out until Friday with Southern live deals ranging from $110 to $113, mostly $113, $3 higher than the previous week’s weighted averages.  Northern dressed business ranged from $174 to $181, mostly $178, $5 higher than the prior week’s weighted averages. 

Boxed beef is sharply higher at midday on good demand for light offerings.  Choice is $1.82 higher at $235.77 and Select is $2.98 higher at $225.68.  The Choice/Select spread is $10.09. 

In Missouri last week, compared to the previous week, feeder steers were steady to $2 higher.  The supply of feeders was light to moderate as weather conditions weren’t favorable.  The USDA says demand for feeders was moderate to good as buyers are eager to fill orders for summer grazers.  Receipts were down sharply on the week.  Feeder supply included 59 percent steers and 58 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 698 pounds brought $132 to $153 and feeder steers 700 to 747 pounds brought $124 to $148.75.  Medium and Large 1 feeder heifers 550 to 595 pounds brought $120 to $139.10 and feeder heifers 653 to 698 pounds brought $111 to $139.75.

Cash hogs are lower at midday with moderate negotiated purchases.  The availability of market-ready hogs is more than ample, and processors continue to push daily slaughter totals higher.  That’s keeping supply chains moving, but it is also adding more pork to the market, and putting pressure on prices.  The industry remains optimistic demand for US pork will remain strong, but there is concern prolonged economic recovery from the coronavirus pandemic could impact demand. Barrows and gilts at the National Daily Direct are $.55 lower with a base range of $51 to $57 for a weighted average of $55.93.  Prices at the Regional Direct Markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $42. 

At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $36 to $48.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $35 to $40.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are higher at midday – up $1.14 at $86.50.  Picnics are sharply higher.  Ribs, hams, and bellies are all higher.  Loins are weak and butts were lower.